Tower Semiconductor receives $2 million investment for Fab 2

JANUARY 10--Tower Semiconductor Ltd. (Migdal Haemek, Israel; www.towersemi.com) has received a $2 million investment from a company with which it is expected to develop strategic relations, in exchange for the issuance of 332,945 ordinary shares.

Jan 10th, 2002

JANUARY 10--Tower Semiconductor Ltd. (Migdal Haemek, Israel; www.towersemi.com) has received a $2 million investment from a company with which it is expected to develop strategic relations, in exchange for the issuance of 332,945 ordinary shares. The investment was made at $6.007 per share, which represents the average closing price of Tower's shares on the Nasdaq market over the course of the 30 trading days prior to the execution of the investment agreement.

The company is building an advanced Fab facility adjacent to its current facility in Migdal Haemek, Israel. When completed, the new fab, referred to as Fab 2, will employ approximately 1000 people and produce up to 33,000 200-mm wafers per month in geometries of 0.18 μm and below, using advanced CMOS technology from Toshiba.

Tower Semiconductor Ltd. is an independent wafer manufacturer, strategically focused on advanced Flash memory and CMOS image sensor technologies. The company provides manufacturing and turnkey services for integrated circuits on silicon wafers in geometries from 1.0 to 0.35 μm, using its advanced technological capabilities and the proprietary designs of its customers.